PENN Entertainment (NASDAQ:PENN) Stock Price Expected to Rise, Bank of America Analyst Says

PENN Entertainment (NASDAQ:PENN) had its target price hoisted by analysts at Bank of America from $18.00 to $22.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price objective indicates a potential upside of 3.63% from the company’s previous close.

PENN has been the subject of a number of other reports. The Goldman Sachs Group started coverage on shares of PENN Entertainment in a report on Friday, June 26th. They issued a “buy” rating and a $26.00 price objective for the company. JPMorgan Chase & Co. increased their target price on PENN Entertainment from $23.00 to $26.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Stifel Nicolaus lifted their target price on PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, June 12th. Weiss Ratings restated a “sell (d-)” rating on shares of PENN Entertainment in a research note on Wednesday, June 24th. Finally, Citizens Jmp upped their price target on PENN Entertainment from $24.00 to $26.00 and gave the company a “market outperform” rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $22.59.

PENN Entertainment Stock Performance

Shares of PENN stock opened at $21.23 on Monday. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of -3.16, a price-to-earnings-growth ratio of 0.65 and a beta of 1.42. The company has a debt-to-equity ratio of 3.94, a quick ratio of 0.82 and a current ratio of 0.82. PENN Entertainment has a one year low of $11.65 and a one year high of $22.36. The company’s 50-day moving average is $19.89 and its 200 day moving average is $16.43.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.06. The business had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.74 billion. PENN Entertainment had a negative net margin of 13.55% and a positive return on equity of 0.44%. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.68 earnings per share. Sell-side analysts expect that PENN Entertainment will post 1.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PENN. Quarry LP bought a new stake in PENN Entertainment in the 4th quarter worth approximately $36,000. IFP Advisors Inc lifted its holdings in shares of PENN Entertainment by 76.2% during the 4th quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock valued at $41,000 after buying an additional 1,196 shares during the period. Modus Advisors LLC bought a new position in shares of PENN Entertainment during the 4th quarter valued at $47,000. Triumph Capital Management purchased a new position in shares of PENN Entertainment in the 3rd quarter worth $54,000. Finally, Hantz Financial Services Inc. boosted its stake in shares of PENN Entertainment by 385.1% in the 4th quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company’s stock worth $55,000 after buying an additional 2,954 shares during the last quarter. Institutional investors own 91.69% of the company’s stock.

About PENN Entertainment

PENN Entertainment, Inc (NASDAQ: PENN) is a leading operator of gaming and racing facilities in the United States. The company’s business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company’s portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.